Top 10 Strongest Currencies in the World 2023

The pandemic has wreaked absolute havoc on the world currencies. As the value of every currency in the world plummeted, as people lost jobs left and right, as governments all struggled to keep up with the changing factors reshaping the world, they all prepared for seismic shifts in the economic circles. To an extent, the world has changed. The battle for the most valuable currency was exciting enough, and in this article, we will list out the best, strongest, and most valuable currencies in the world.

However, before we go into examining them, we will look at the factors that dictate the strongest and most expensive currency in the world. If you want to follow the up and down fluctuations of your favorite currencies and understand why these things happen, keep your eye on the items presented in the list below:

  • If a country’s inflation rate is low, its currency is strong.

  • Countries with higher interest rates have stronger currencies because lenders benefit more and foreign currency is attracted.

  • Nations with a stable economy and political environment attract investors, who impact the currency exchange rates of the country.

  • Foreign nations buying a country’s products create high demand for its currency, i.e., if a country’s goods are relatively inexpensive, foreign states will tend to purchase them. In order to purchase those items, they will need to buy the country’s money. The currencies of the nations with the lowest prices are usually the most powerful.

  • Countries with strict and sound monetary policies reduce the supply of their currency, increasing its value.

  • Tax free countries or countries that have lower tax rates and offer tax incentives to investors and businesses tend to attract more foreign investment, which can lead to a stronger currency. 

  • Countries with crude oil production, exporting gas and petroleum products such as Saudi Arabia, often have strong currencies. This is because crude oil is priced in US dollars, and when the price of oil goes up, the demand for dollars also goes up, which strengthens the currency.

  • The strength and stability of a country’s banking system can also have an impact on its currency. Countries with well-regulated and stable banking systems, such as Switzerland, tend to have strong currencies, as investors have confidence in their financial institutions.

  • A country’s economic growth rate can have a significant impact on its currency exchange rate. Investors tend to be more optimistic about countries with emerging markets, which can attract foreign investment and lead to a stronger currency. On the other hand, if a country’s economy is struggling or contracting, investors may be more hesitant to invest, leading to a weaker currency.

Now that we know what drives the value of a country’s currency upward, it is time to look at the ten most valuable currencies in the world. So, without further ado, let’s get started!

The article covers the following subjects:

List of 10 Strongest Currencies in the World 2023

We have put together a list of top 10 most valuable currencies in 2023:


Currency (Currency code)

Exchange rate


Kuwaiti dinar (KWD)

1 KWD = 3.26 USD


Bahraini Dinar (BHD)

1 BHD = 2.65 USD


Omani rial (OMR)

1 OMR = 2.60 USD


Jordanian dinar (JOD)

1 JOD = 1.41 USD


British Pound Sterling (GBP)

1 GBP = 1.23353 USD


Cayman Islands Dollar (KYD)

1 KYD = 1.20 USD


European Euro (EUR)

1 EUR = 1.08352 USD


Swiss Franc (CHF)

0.92029 CHF = 1 USD


US Dollar (USD)

1 USD = one dollar


Canadian Dollar (CAD)

1.36152 CAD = 1 USD

1. Kuwaiti Dinar [1 KWD = 3.26 USD]

Kuwaiti dinars (KWD) are considered the strongest currency in the world in 2023 with the highest monetary value, and they are unpegged, allowing them to move freely. Kuwait is one the richest countries situated in the Middle East bordering the northwestern part of the Persian Gulf. It is an oil rich country, which improved Kuwait’s currency value. Kuwait has built up a sizable sovereign wealth fund over the years. This fund is managed by the Kuwait Investment Authority (KIA) and contributes to Kuwait’s long-term high value.

Since the economy of Kuwait is based entirely on the country’s huge oil and gas reserves and oil exports, the slump in global crude oil prices causes a deficit in Kuwait’s economy. However, the KIA has drawn up a seven-year plan to counter this, ensuring the value of the Kuwaiti Dinar remains strong and stable. A rise in demand pushes prices up and supports the domestic official currency. Conversely, the decline in demand and increased supply pull the oil prices down and negatively affect the Kuwaiti dinar.

2. Bahraini Dinar [1 BHD = 2.65 USD]

Bahrain is a small country that is one of the former British colonies. Bahraini dinar is the second most valuable currency. Upon being pegged to the United States dollar, the Bahraini dinar, with a currency code — BHD, had a somewhat better face value than the Omani rial. Despite the detrimental effects of low oil prices on Bahrain’s economy, the Bahraini dinar’s yearly average has been relatively stable since 2011. Bahrain’s inflation rate was also stable and low. The only way to qualify the inflation rate of Bahrain is through expressing its stability and low rate of growth — both factors that strengthen the economy. As a result, the Bahraini dinar has the second highest currency value in our rating.

3. Omani Rial [1 OMR = 2.60 USD]

The third highest currency is Omani Rial. The fixed exchange rates have stayed at USD 2.6008 per RO since the last modification in parity in 1986. The Omani rial (OMR) has maintained its value against the dollar due to Oman’s traditionally rigorous monetary policy and financial restrictions. To protect the country from the unfortunate but frequent Middle Eastern wars and turbulence, Omani politicians have traditionally regulated the money supply. The country’s official currency rate has risen as a result, and Oman’s lending restrictions tend to favor offshore enterprises and Forex trading initiatives with a high risk appetite.

4. Jordanian Dinar [1 JOD = 1.41 USD]

When compared to the US dollar, the Jordanian Dinar (currency code – JOD) has a higher value, despite being pegged since 1995. It is the forth highest currency in the world. This was done to keep Jordan’s legal tender steady in order to attract American investments. It’s important to remember that any country can peg its currency to the dollar at any time. To sustain the peg, the currency such as in the case of the Jordanian dinar must maintain its value in relation to the United States dollar. During the first two decades of the twenty-first century, Jordan was successful in doing so.

5. British Pound Sterling [1 GBP = 1.23353 USD]

British Pound sterling is the fifth highest currency worldwide and one of the most traded currencies as well. For decades, the Bank of England (BOE) has kept pace with global currency trends, keeping the pound more valuable than the US dollar. The British pound sterling (GBP), the official currency of the UK, was worth more than the US dollar for much of the twentieth century. In the 1980s, this pattern shifted, with the British pound restoring its previous advantage over the US dollar.

While the BOE is the most important factor in deciding the value of the British Pound (GBP), there are other things out there. Inflation and growth of the economy play their own part. Forex market sentiment is another feature you should consider. As the UK is one of the leading and stable economies, global political and economic events affect the value of the British pound.

6. Cayman Islands Dollar [1 KYD = 1.20 USD]

The Cayman Islands dollar (KYD) was fixed at 1.20 US dollars in the 1970s. It takes the 6th position among the highest currencies worldwide. It may appear that producing a currency worth more than the United States dollar is a straightforward process, but it is more complicated than it appears. A currency peg like that in case of the Cayman Islands dollar can be difficult to maintain when local economic conditions are bad, and the US raises interest rates. The exchange rate value of the Cayman Islands dollar is bolstered by the country’s status as one of the tax havens for the wealthy.

7. Euro [1 EUR = 1.08352 USD]

European Euro is the second most traded currency in the world which is also considered to be among the most stable currencies. Because it is responsible for the entire continent’s monetary policy, the European Central Bank (ECB), which makes monetary policy for the European union eurozone, has more independence from national governments than most other central banks. This independence helps to keep the European euro strong, but it also contributed to the European sovereign debt crisis and rising unemployment rate by prohibiting some countries (such as Greece and Italy) from taking specific actions to help stimulate their economies (such as printing additional money). It is the most common pair for the US Dollar when it comes to trading in the global Forex market. EUR/USD is considered to be one of the most traded currency pairs.

Because the European euro is the de facto official currency of nineteen countries, its value is determined by the political, social, and economic status of all of these countries. This includes the status of the stock market, the chaos of projections and analyses, as well as the measures taken by the ECB.

8. Swiss Franc [0.92029CHF = 1 USD]

The Swiss franc takes the 8th position among the highest currencies worldwide and it is Switzerland’s official currency. The franc rose in value against the euro and the US dollar as a result of the European debt crisis and US monetary policy. The Swiss National Bank said in 2015 that the franc’s peg to the European euro was no longer viable and would be lifted. Although the euro is often accepted as a means of payment in Switzerland, change is only offered in Swiss francs. Widely topping the ranking as the most secure source of foreign exchange market, the Swiss franc is always a safe bet for currency pairs.

Thanks to the European debt crisis of 2008, many investors turned to the franc as an alternative. Because the franc was a stable currency, this allowed it to be the safe haven that everyone needed — an investment that gives returns consistently even in a state of crisis.

9. US Dollar

The US Dollar (USD) is the official currency of the United States of America (United States dollar), it is the world’s most traded currency as well as one of the largest reserve currencies. The US dollar is the world’s most extensively used currency and is considered a benchmark in the international market when it comes to currency exchange rate and conversion rate. It is also used as a legal tender in a number of countries outside of the United States, and many others use it as an unofficial currency alongside their own.

The United States dollar has long been seen as a cornerstone of the global economy and a world reserve currency for international trade and finance, making it a safe investment no matter what is happening in the world. Market psychology and geopolitical risk, in addition to fundamentals and technical variables, influence the dollar’s value on the global market.

10. Canadian Dollar [1.36152 CAD = 1 USD]

The Canadian dollar, Canada’s official currency, is the world’s sixth most traded currency which is also included in the list of the highest currencies globally. Because of the country’s massive global oil reserves and second-largest uranium supply, both of which are located in Alberta, Canada’s natural resources are ranked third in the world. The Canadian dollar is particularly vulnerable to fluctuations in the value of the US dollar because it accounts for the great majority of Canada’s trade.


In closing, it is quite apparent from the list of the world’s strongest currencies — as well as what it takes for them to get there – that everything is in the hands of policymakers at the highest level. Whether a currency rises or falls is dependent on the central banks’ monetary policy and the quality of the management governing the systems in place. Strength and stability go hand in hand, and that is what raises the value of any currency for conversion, no matter what it is. 

To sum up, the factors that raise the monetary value of a currency are political stability, economic stability, low inflation, high interest rates, properly planned monetary policies, and low prices to attract countries with a larger purchasing power. A strong developed economy promotes low unemployment and secures a good place in the realm of currency trading in the banking and exchange market.

Strongest and weakest currencies FAQs

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

Rate this article:

{{value}} ( {{count}} {{title}} )


توسط رضا خانتاراج

رضا خانتاراج